Agmt 2003 Local Agency Workers Compensation Excess Joint Powers Authority

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E. Each "Member" shall be subject to a retained limit per occurrence for "Workers' Compensation Excess" as selected by the "Party" and approved by the Board of Directors. Each "Member" participating in a program year with funds in excess of its obligation shall have a right to a portion of such funds pursuant to the Bylaws. Each "Member" participating in a program year with obligations in excess of the funds for that program year shall be obligated to pay any assessments charged by the Authority pursuant to the Bylaws. WITHDRAWAL FROM OR TERMINATION OF MEMBERSHIP A. Any "Party" to this Agreement which has been a "Party" of the Authority for at least three (3) full program years may voluntarily terminate this Agreement as to itself and withdraw from membership in the Authority. Such termination and withdrawal of membership shall become effective subject and according to the conditions, manner, and means set forth in the Bylaws. B. A "Party" may be involuntarily terminated from the Authority upon atwo-thirds (2/3) weighted vote of the other "Parties" to this Agreement. C. Withdrawal or termination of a "Party" shall not absolve such "Party" of liabilities arising out of participation in a program. TERMINATION OF AGREEMENT This Agreement may be terminated effective at the end of any fiscal year by athree-fourths (3/4) weighted vote of the "Parties" present at a Board of Directors meeting, provided, however, that the Authority and this Agreement shall continue to exist for the purpose of disposing of all claims, distribution of assets, and all other functions necessary to conclude the affairs of the Authority. 10. DISPOSITION OF PROPERTY AND FUNDS A. In the event of the dissolution of the Authority, the complete recision, or other final termination of this Agreement by the agencies then a "Party" hereto, any property interest eemaining in the Authority following a discharge of all obligations shall be distributed to the "Parties" in the same relationship as their total contributions over all program years to the total contributions of all "Parties" over all program years. In the event a "Party" withdraws from this Agreement, any property interest of that "Party" remaining in the Authority following discharge of all obligations shall be disposed of as provided for in the Bylaws. Obligations, as referred to herein, shall include, but not be limited to, all payments required by law together with all "Reserves" which have been established for the purpose of paying incurred claims together with any other legal obligations incurred by the Authority pursuant to this Agreement. 11. AMENDMENTS This Agreement may be amended, after sixty (60) days notice to the "Parties", by atwo-thirds (2/3) weighted vote of the "Parties". However, this Agreement may not be amended without a unanimous vote until three (3) years after its effective date. For purposes of this paragraph, amendment shall not include termination of the Agreement. Any such amendment shall be effective upon the date of final execution thereof, unless otherwise provided in the amendment. 12. AUDITS AND ACTUARIAL ANALYSIS At the end of each fiscal year, the Authority shall have a financial audit by a qualified, independent Certified LAWCX AGREEMENT (3/19/92 ed) June 18, 1992